Inducement Resolution relating to the authorizing of a memorandum of intent between the City of South Bend and Claeys Realty

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revenue bonds under the provisions of the Act, has determined to locate the Project within the limits of the City of South Bend, Indiana; and WHEREAS, it is now deemed advisable to express for- mally and in writing the understanding heretofore informally discussed by the parties hereto. NOW, THEREFORE, in consideration of the premises and of the mutual undertakings herein expressed, the parties hereto recognize and intend as follows: A. The City represents and intends: 1. That the City is authorized by the pro- visions of the Act to finance the Project and for the purposes of paying the costs of the Project, including expenses incidental thereto, is authorized as afore- said to issue its revenue bonds payable from the revenues and income derived by the City from the Project. 2. That the City intends, subject in all respects to the provisions and requirements of the Act and to a sale of the bonds on terms satisfactory to the Developer, to authorize, issue, sell and deliver its revenue bonds to be issued in one or more series (in an aggregate principal amount of approximately Four Hundred Fifty Thousand ($450,000.00) Dollars, which amount will be fixed by ordinance of the City at a later date and agreed to by the Developer, but not to exceed the cost of the Project and expenses incidental thereto as estimated at the time of the issuance of the bonds) and apply the proceeds there- from to the payment of the cost of the Project, pro- vided that prior to the issuance and delivery of such revenue bonds there shall have been entered into be- tween the Developer and the City of South Bend ap- -2-